Kuala lumpur: Oceancash Pacific Bhd (OPB) has announced its intention to acquire Paragon Car Carpets and Components Sdn Bhd (PCCCSB) for RM13.42 million, as part of a conditional share sale agreement with Paragon Union Bhd. The acquisition involves the purchase of 22.75 million ordinary shares, representing a complete 100 percent stake in PCCCSB, to be fully paid in cash. Upon finalization, PCCCSB will become a wholly-owned subsidiary of OPB.

According to BERNAMA News Agency, OPB’s proposed acquisition is a strategic move to broaden its customer base and secure direct access to key clients in the automotive industry, including vehicle manufacturers currently served by PCCCSB. This acquisition is expected to facilitate OPB’s entry into downstream activities within the car carpets supply chain, thereby offering a wider customer base in the automotive sector.

OPB is aiming to capitalize on PCCCSB’s established business relationships and explore opportunities for cross-selling products across the expanded group. This strategy is anticipated to bolster OPB’s competitiveness and market positioning in the automotive parts and components sector.

The company clarified that the acquisition will not impact its issued share capital or substantial shareholders’ shareholdings, as it does not involve the issuance of new ordinary shares or alter the number of issued shares.